CATL Leads 2024 EV Battery Market as BYD Closes In

As global EV battery consumption increases, top players like CATL and BYD dominate the
2024 market. CATL holds over a third of the market, while BYD aims to narrow the gap with
affordable new EV’s.

(Image: BYD showroom – byd.com)

CATL and BYD Remain Leaders in the EV Battery Market

In the first four months of 2024, global EV battery consumption reached 216.2 GWh, a 21.8% increase from last years 177.6 GWh. CATL led with 81.1 GWh installed, a 30% year- over-year rise from 62.6 GWh, capturing 37.7% of the market according to SNE Research.
CATL supplies top models like the Tesla Model 3 and Y, BMW iX, Mercedes EQ series, and Volkswagen ID series in China. With two new overseas plants planned, CATL aims to expand beyond China, adding to its six planned factories in Germany, Thailand, Hungary, Indonesia, and two in the US.
Despite a slow start in 2024 due to the Chinese New Year, BYD achieved strong sales
growth, ranking second with a 15.4% market share.

(Image: BYD Store Thailand – byd.com)

BYD’s battery installations reached 33.2 GWh through April, an 18.3% increase from last year. The companies market share rose from 14.3% in March. With a range of new, affordable vehicles, BYD aims to close the gap this year. BYD’s least expensive electric vehicle, the Seagull Honor Edition, is available for just $9,700 (69,800
yuan) in China.

(Image: BYD Dolphin Mini /Seagull – byd.com)

Recently, BYD introduced its fifth-generation Dual Motor (DM) hybrid technology. The DM 5.0 offers fuel consumption as low as 2.9 liters per 100 km and a range of over 1,300 miles (2,100 km) CLTC. BYD chairman and president Wang Chuanfu stated that this is three times the range of traditional gas-powered vehicles.

(Image: BYD’s wide-reaching portfolio – byd.com

Are South Korean Battery Manufacturers Lagging Behind?
The report shows that the top three South Korean EV battery makers held 22.8% of the market, down 2.4% year-over-year. LG Energy Solution led the group, capturing 13% of the market. LG’s consumption rose 7.8% from last year, reaching 28 GWh.

(* January to June 2024)

The growth was driven by increased sales of Tesla Model 3, Model Y, Ford Mustang Mach- E, and Hyundai IONIQ 6 in Europe and North America. The report highlights GM’s Ultium Cells expected to dominate the North American market with IRA-compliant batteries, potentially enhancing LG’s market share. GM new electric vehicles, such as the Chevy Equinox EV, Blazer EV, and Silverado EV, are entering the North American market.

(Image: Chevy Blazer EV RS – chevrolet.com)

Ford has started production of the electric Explorer this week in Europe, utilizing Volkswagen’s MEB platform.
Meanwhile, Samsung SDI experienced the highest growth rate at 32.9%, installing 10.9 GWh through April. Samsung secured the fourth position with a 5.1% market share. Samsung’s growth was fueled by increased sales of BMW i4, i5, iX, and Rivian R1T and R1S.

(Image: Rivian R1S – rivian.com)

SK On from Korea ranked fifth with 4.8% market share, installing 10.3 GWh, a 2% decline from last year. With the launch of the updated Hyundai IONIQ 5 and Kia EV6 featuring SK's fourth-generation batteries, sales are expected to rebound. Panasonic was the only Japanese automaker in the top ten, securing sixth place with 10.2
GWh, down 29.5% year-over-year, holding a 4.7% market share. Completing the top ten EV battery makers through May 2024 were CALB (4.3%), Eve Energy (2.3%), Gotion (2.2%), and Sunwoda (2.0%).

Header :  CATL Battery Pack by catl.com

Written by : Umar Javed

EVTrader® – The biggest EV-Database worldwide for all Electric Vehicles Manufacturers and Industry related companies.